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Nationwide announces savings rate rises from November

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19/10/2022
Nationwide will increase the rate offered on a number of off-sale savings accounts held by existing customers by up to 1.2%.

The mutual confirmed that from 1 November, it will make the following rate changes to its off-sale and previous issue variable rate savings accounts:

  • Triple Access Online Saver (12-14): Increase to 2.10%
  • Triple Access Online ISA (11-13): Increase to 2%
  • Start to Save: A 0.5% increase to 3.5% for Start to Save 2, and to 2.25% for Start to Save
  • Help to Buy ISA: Up 0.5% to 2.25% AER.

Elsewhere, all instant access accounts, including Instant Access Saver, Instant ISA Saver and Cashbuilder will rise by between 0.05% and 0.15% to either 0.3% on balances of up to £9,999.99, 0.4% on balances of £10,000 to £49,999.99 and 0.5% AER on balances of £50,000 plus.

Meanwhile its Loyalty Saver, Loyalty ISA and Loyalty Single Access ISA will see rates rise by 0.4% to 2% gross/AER.

And for children, it will up rates on these accounts by up to 0.5% so that the Child Trust Fund, Junior ISA, and Future Saver will all pay 2.5% while the Smart Limited Access will have a rate of 2%.

Any Nationwide customer signed up to its Savings Watch will be notified of any rate changes.

‘Latest changes will benefit all different types of savers’

Tom Riley, director of retail products at Nationwide Building Society, said: “We continue to keep our savings rates under regular review in this fast-changing market and we remain committed to supporting savers with the best rates we can sustainably afford.

“As a result, we’ve made a number of rate increases this year to both our off-sale and on-sale savings ranges. In fact, in recent months, our average deposit rate has been at least 70% higher than the market average.

“These latest changes will benefit all different types of savers. As a building society, it’s important to us that we encourage children to start saving, helping people develop a savings habit and rewarding our existing members. We’ve also increased the rates on previous issues of our Triple Access Online products so members who already have one of the accounts will have their rate automatically increased to the new improved rate.”

The changes to the off-sale accounts follow Nationwide’s recent rate increases to its live and on-sale fixed rate products and the current, on-sale issue of the Triple Access Online accounts.

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